NBS Financial Services Executive Vice President Mike Wood has arranged a $23.2 million loan for a 616,894 sf ground lease in Seattle. John Hancock was the lender.
A ground lease means a tenant leases a piece of land from its owner, usually for a long term, and the tenant is responsible for any improvements. A ground lease isn’t a common way to structure an investment, Wood said, especially not a ground lease of this size, and this loan basically finances the payments to the ground lease owner.
NBS Financial's Wally Harding will be a guest speaker at the Institute of Real Estate Management (IREM) Oregon-Columbia River Chapter 23rd Annual Forecast Breakfast Dec. 2 at the Portland Ballroom at the Oregon Convention Center. Harding will be forecasting the market for commercial real estate finance in 2011. A number of other guest speakers will forecast the office, multi-family, industrial and retail markets.
Serving real estate professionals who manage all property types, the local IREM chapter has been an integral force in the greater Portland area since the 1960s. The organization is dedicated to delivering leading-edge networking and educational offerings for every stage of real estate professionals' careers and providing lifelong professional development opportunities.
As part of the Institute of Real Estate Management (IREM®) – a global organization that serves over 18,000 members and 500 corporate members worldwide – the Portland-area chapter can connect professionals with new contacts and business opportunities all over the globe.
